Wally F

If we allow those to change, we have to figure out who changes them, who has the power, and what's to stop us from changing it depending on the political or philosophical winds that are blowing at any given time. No, Bitcoin’s fundamental propositions are meant to be an absolute constant which is something we've never had in the field of economics. We've never had an absolute constant for measuring value, but now we have one, and we should not fail to understand or recognize the importance of that.

The ECB is scared of Bitcoin because they see how dominant and powerful it has become. As Gandhi once said: “First, they ignore you, then they laugh at you, then they fight you, then you win.” They ignored it in the early days, then they laughed at it, and I believe we are at stage three now where they are fighting us. For me, that's a symbolic sign that we are going to win. It is overwhelming for governments because it is more powerful than people thought, and it cannot be abolished or banned. So, their last measure was to regulate, put it on the black-list and spread propaganda about it so people refrain from dealing with it.

Mathematically, it's going to be very difficult. After years of the same patterns with printing and being backed by the government, we get used to it. Free money is like an addiction. If you tell people that you can have free money, and then you stop giving them free money, it will be very difficult to get off that addiction.You might try to countermeasure through raising taxes, but perhaps we're already at a level of diminishing marginal returns. This means that if we raise taxes, some of the economies will go underground to the black market, and it will be off-record so they’re not taxed.

I called it “Daylight Robbery” because some people think that taxes are the price we pay for having a civilized society, while others think “taxation is theft”. Both these arguments are true, but it all depends on the degree to which you are taxed and how you are taxed. For example, in North Korea, people are taxed 100% and nobody owns their own labor; they work for the nation and don't receive any money for it. In anarchy, you own all of your labor and there's no taxation.